TechCrunch has more on the concept and a group known as Startup Weekend that just spent the weekend in Atlanta creating an online application called Skribit.

From the Startup Weekend Web site:

Have you ever wondered what a group of highly talented and motivated people could accomplish in a weekend? Could they start a company from concept to completion?

Startup Weekend answers that question and more. A unique three-day experience, Startup Weekend brings the best and brightest people together in a local office space to select the concept, break into teams, and develop the product, marketing and revenue model.